By Lisa Kerner
Charlotte, N.C., Feb. 8 - Oakmont Acquisition Corp. entered into a definitive agreement to merge with Brooke Credit Corp., according to a company news release.
The transaction calls for Oakmont to pay approximately $105 million in Oakmont shares at closing, plus up to $30 million in Oakmont shares based on Brooke Credit's reaching financial goals in 2007 and 2008.
The transaction is anticipated to close during the spring of 2007.
Brooke Credit is a specialty finance company based in Overland Park, Kan.
Oakmont, based in Bloomfield Hills, Mich., is a development-stage business company that acquires other companies through mergers, stock exchanges and acquisitions.
| Acquirer: | Oakmont Acquisition Corp.
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| Target: | Brooke Credit Corp.
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| Payment: | $105 million in Oakmont Acquisition shares, plus milestone payment
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| Announcement date: | Feb. 8
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| Expected closing: | Spring of 2007
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| Stock price for acquirer: | OTC: OMAC.BB; $5.60 on Feb. 7
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| Stock price for target: | Nasdaq: BXXX; $12.16 on Feb. 7
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